Estimated pivot point is at a level of 1.2353.
Main scenario: long positions will be relevant from corrections above the level of 1.2353 with a target of 1.2920.
Alternative scenario:breakout and consolidation below the level of 1.2353 will allow the pair to continue declining to a level of 1.2057.
Analysis: Supposedly, a correction stopped developing within the 4-hour time frame, reaching a retracement level of 62% in the form of the wave 2 of (5) of senior level currently shaped like a plane. Apparently, the third wave 3 of senior level started forming now, with a counter-trend impetus of junior level developing inside. If the presumption is correct, the pair will logically continue to rise to a level of 1.2920. The level of 1.2353 is critical in this scenario as the breakout will enable the pair to continue declining to the level of 1.2057.
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